BOIR Service

About the Beneficial Ownership Information Reporting Rule

This requirement was created to enhance transparency in entity structures and ownership, aiming to counteract money laundering, tax fraud, and other unlawful activities. Reporting companies, including corporations, limited liability companies, and similar entities, will need to provide information about the company itself, its beneficial owners, and company applicants to FinCEN (the Financial Crimes Enforcement Network), FinCEN is a bureau of the U.S. Department of the Treasury. Failure to comply with the new requirements may result in fines and potentially criminal charges. Please visit the Small Entity Compliance Guide for more information, to find out if you may qualify for an exemption, and other questions and concerns.

You can file your BOI Report with InCorp using our easy and secure online form.

What Defines a Reporting Company?

Reporting companies encompass specific domestic businesses and foreign entities obligated to adhere to the beneficial ownership rule:

• Domestic Companies: es (LLCs), or other entities (such as statutory trusts, business trusts, or foundations) established by filing documents with a secretary of state or a similar office in the U.S.
• Foreign Entities: This classification involves companies established under the laws of a foreign country, which initiated their existence by filing documents with a secretary of state or an equivalent office to conduct business in the U.S.

The Beneficial Ownership Information reporting requirements do not universally apply to all businesses. A total of twenty-three distinct types of businesses are granted exemptions, which include the following:

1. Large operating companies
2. Insurance companies
3. Accounting firms
4. Tax-exempt organizations
5. Inactive entities

Each category of reporting company exemption is subject to specific regulations. To illustrate, large operating companies are exempt only if they meet certain criteria, such as employing more than 20 full-time employees in the U.S., maintaining a physical office in the U.S., and U.S. gross receipts or sales exceeding $5 million reported on the previous year's business tax return. For the complete list of reporting company exemptions and comprehensive details, it is advisable to refer to FinCEN's Small Entity Compliance Guide.

File Your BOI Report Securely With InCorp

• Expert Handling and Accuracy

  Since 1998, we have specialized in registered agent service and business filings, such as forming LLCs, corporations, or non-profits. We understand the nuances of jurisdiction-specific requirements, which reduces the risk of filing errors or omissions that could lead to delays or legal complications. This is particularly important for ensuring documents are completed correctly and on time.

• Secure Data Transmission

  InCorp uses encryption technologies and secure protocols (e.g., SSL) to transmit sensitive business and personal information online. Ensuring your data, including personal identification and financial details, remains protected from cyber threats during submission.

• Document Management and Record Keeping

  We provide secure online access to your important documents. By storing these in a protected, centralized system, it’s easier to retrieve and manage records when necessary, such as for tax purposes or regulatory audits.

• Audit and Security Certifications

  Our filing services comply with data protection standards, ensuring that our system is up-to-date with cybersecurity best practices. This offers extra peace of mind regarding the safety of your personal and financial data. Using a service like InCorp streamlines business formation and compliance while ensuring the security and accuracy of your sensitive information.

Learn More in Our Help Articles:

• What are the Beneficial Ownership Information Requirements?
• What is the Difference Between a Beneficial Owner and a Shareholder and Whose Information Needs to be Provided in BOI Reporting?
• What is BOI / Beneficial Ownership Information?